xard777 wrote: Mon May 20, 2024 3:53 am
Here is XU v015-Setup for everyone's perusal.
While you download this version please take the time to consider this...
I've repeatedly emphasized this throughout this thread: don't be too greedy, have a plan, and stick to it. Reverse engineer everything and break it down into manageable, bite-sized steps.
Start with a five-year plan of day trading without risking too much initially. Whether your initial capital is $1,000, $10,000, or even $100,000, I recommend using only 10% of it as your starting fund. The money will start to flow once you've achieved sustainability; until then, only risk 10% of your capital.
Now that you have your starting fund, let's move on to reverse engineering. What can you comfortably achieve in a day/week, trading every day? Consider realistic targets like 3%, 5%, or 7%. Avoid over-trading and giving back your hard-earned profits.
Remember, your growth is calculated by starting fund times (1 + daily/weekly percentage growth) raised to the power of the number of trading days/weeks that you put in.
For example:
- **Starting Fund**: $100
- **Daily Percentage Growth**: 3% (or 0.03)
- **Number of Trading Days**: 220
Using the formula:
`Starting Fund x (1 + Daily Percentage Growth) ^ Number of Trading Days`
It becomes:
`100 x 1.03 ^ 220 = $66,709.76`
Starting with one hundred dollars, growing it at three percent daily for two hundred and twenty trading days results in sixty-six thousand, seven hundred and nine dollars and seventy-six cents. That folks is one year of your five year trading plan. Go figure.
Keep the bigger picture in mind: your five-year growth potential towards true wealth. Always remember this goal when trading. Stick to trades and markets you are comfortable with, whether it's GBP/JPY, GBP/AUD, Gold, Oil, the Dow, or the Nikkei indices.
Finally, establish a daily routine and adhere to it diligently. Consistency is essential for success in trading. Whatever your trading target is... Daily or weekly percent. Once you hit your target, it's crucial to tell yourself to shut everything down and engage in other activities. This practice is vital as it helps maintain checks and balances in your trading approach and overall mindset.
One last thing, being out of the market is just as important as being in the market. WAITING for that perfect setup, that center mass kill shot, is just as critical. Patience is a virtue in trading, and exercising it can often make the difference between success and failure. Remember, not every moment is an opportunity to trade. Sometimes, the best action is to wait and preserve your capital for the right moment. Stay disciplined, stick to your plan, and always keep the bigger picture in mind.
Enjoy the setup and may you make a boatload of PIp$.
Xard777
